Mobile payments may soon be coming to Mexico, courtesy of Amazon.
Mexico’s central bank, Banxico, is currently in talks with Amazon to developer a mobile payment system backed by the country’s government. The payment system, known as CoDi, would allow customers to pay for purchases, both online and in-person, using QR codes on their smartphones.
As Reuters points out in its report, more than half of Mexico’s population does not have a bank account. Banxico is looking to change this with CoDi.
According to market research firm Euromonitor International, less than 4 percent of total retail sales in Mexico came from ecommerce last year. The QR code-powered mobile payment service would be free of charge to use, which should help spur growth in the country’s online shopping sector. Read more…
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